I have to go all the way to DC to find evidence of a housing bubble in Bakersfield? Why are the local reporters asleep at the wheel?
Some mortgage lenders and relocation companies now expect appraisers to examine a wide range of data they never emphasized during the boom years. Gary Crabtree, owner of Affiliated Appraisers, based in Bakersfield, Calif., said that besides the traditional "recent comps," he now factors in at least eight other types of data in determining the value of a house:
Pending sales under contract.
· Listing prices of houses in the area.
· Market supply and demand.
· Length of time unsold on the market for current listings.
· Price reductions or increases on current listings.
· Notices of defaults and notices of trustee's sales
· Known concessions provided to buyers to facilitate sales.
· Personal interviews with real estate agents on what they're experiencing with sellers and buyers
Crabtree said one house he tracked was first listed in October at $299,900. It sat unsold for 122 days. Then the listing agent pulled it out of the system briefly and brought it back as a new listing, but this time at $269,000. When it didn't sell in 30 days, the agent again yanked the listing and reported it as a new one with an asking price of $259,000.
The house is now on the market for $229,000, "but it's still not selling."
Thanks to Ben Jones for the tip. http://thehousingbubbleblog.com/